|
I think the fallacy is thinking here is that the number of workers will go to zero. In reality, the productivity improvements will reduce overall costs, and either the field gets easier to break into, reducing wages, or incumbents are able to squeeze out other workers and keep more profits for themselves. There's billions in tech investments flowing into medicine, construction, and hospitality from people hoping to make worker more efficient and aiming to capture a fraction of the wages from those efficiency gains. There's a very real possibility that jobs get replaced by things like, The Home Depot App, which can diagnose an issue, find order the necessary parts from the store, and walk people through all the steps to fix the problem. Again, it doesn't have to completely eliminate jobs, shift how money flows around the market. IMHO, the revolution won't be televised. It will be like self-service machines at the grocery, restaurants, hotels, etc. We just slowly get used to using kiosks and apps to do more and more things for ourselves. |